Schumer: Feds Should Plant New Tax Incentives for Yates

Press Release

Standing at Jim & Nate Henderson Farms in Penn Yan, U.S. Senator Charles E. Schumer today said the current federal tax code is preventing farmers from investing in new farm equipment. The modern equipment available for farmers today, while expensive, is fitted with the latest safety features to help prevent injury and loss of life, as well as technology that increases efficiency and employs emission controls that help reduce air pollution and fertilizer runoff. Schumer said if small farmers had better incentives to purchase new farming equipment, those in Yates County and around New York State would be more inclined to make these costly investments. Therefore, Schumer urged his colleagues in the Senate to support the bi-partisan tax plan that would help family farmers and ranchers finance new equipment, putting money back in their wallets, so they can invest in their business and strengthen the local economy. This bill, the Agriculture Equipment and Machinery Depreciation Act, is supported by the American Farm Bureau and the National Farmers Union.

"Farmers throughout Yates County and the Rochester-Finger Lakes Region need greater certainty and better incentivizes that allow them to purchase the critical equipment needed to help their farms operate and grow. Allowing them to take advantage of the depreciation tax deductions in a shorter timeframe would be good for business. Having more cash on hand, and sooner, would be a boon for farmers across Yates County and the entire regional economy," said Schumer.

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